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South Cook News

Saturday, April 20, 2024

Former state university employee Von Borstel paid in $12K to pension fund, could collect $523K in retirement

Money 06

Former state university employee Laura Von Borstel, who retired in June 2017, saved $12,010 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Von Borstel would collect as much as $523,171, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Von Borstel received $10,996 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Von Borstel will have already received $22,322 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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